A Davos, while Donald Trump celebrated his vision of power and wealth from the Swiss podium, nearly 400 millionaires and billionaires of 24 countries have signed the open letter “Time To Win”, an appeal that overturns common sense: they ask to be taxed more to reduce the extreme concentration of wealth and safeguard the political system from oligarchic drifts.
This "rebellion" of the super-rich is not a new phenomenon. Already in 2022, a group of 102 millionaires, led by Abigail Disney, launched the same message with the appeal "Make us pay more taxes." Today, the movement has expanded and presents itself as an alternative to an economic model that has enriched them but risks turning into a trap for the democracy, especially in the United States.
Why do billionaires want to be taxed?
The appeal, coordinated by Patriotic Millionaires International, Oxfam and Millionaires for Humanity, has been signed by figures such as Mark Ruffalo, Brian Cox, Brian Eno e abigail disneyThe letter states that "when even millionaires recognize that extreme wealth harms everyone, it means that society is teetering on the edge. We are tired of seeing this. We must mobilize for our democracies, our communities, our future." The message is clear: extreme wealth is not just an economic problem, but a political threat, because it allows a few to control politics, the media, and institutions.
In this context, the presidency Trump is seen as the most obvious representation of an oligarchy of power This isn't just about the United States. According to the signatories, while Trump launches provocative measures such as the idea of acquiring Greenland, the accumulation of private wealth continues to grow unchecked, fueling an authoritarian drift. One example cited in the letter is the New York Times's finding that, in the first year of his second presidency, the US president earned an additional $1,4 billion. For the letter's authors, this dynamic fuels an authoritarian drift supported by extreme inequality.
Millionaires Poll: Trump Is Destabilizing the Global Economy
The revolt of the "billionaires with a conscience" is also confirmed by the numbers. survey A survey of 3.900 G20 millionaires conducted by Survation for Patriotic Millionaires International shows a clear split with the White House line: the 60% of the interviewees believe that The Presidency Trump is having a negative impact on global economic stability and on living conditions of ordinary peopleSeventy-seven percent believe the super-rich wield excessive political influence, while 71% believe extreme wealth can significantly influence elections. Majorities also believe that the concentration of wealth poses a threat to democracy and undermines social trust, and that the influence of the super-rich impedes effective action to reduce inequality. Only 17% of respondents oppose tax increases on the wealthiest to fund public services and address the cost-of-living crisis.
Oxfam's complaint: the public-private divide has exploded
Oxfam, supporter of the “Time To Win” appeal, defines the current economic model as a “suicidal trend” because in the last 50 years there has been a massive transfer of wealth from the sector public to that privateThe most striking finding is that today the wealth of the richest 1% is three times greater than global public wealth, a gap that has widened dramatically over time: in 1975, the difference between public and private wealth was approximately $36 trillion, while in 2024 it reached $435 trillion. If this trend continues, by 2075, private wealth could exceed public wealth by nearly $900 trillion, making the system even more dependent on large fortunes.
In its report "Into the Abyss of Inequality," Oxfam highlights that by 2025, the number of billionaires will have surpassed 3.000, with fortunes growing by 16% in just one year. The 12 richest men hold more wealth than the poorest half of humanity. Inequality also affects the information: 7 of the top 10 global media corporations are controlled by billionaires, reducing “ownership of the public conversation” to a few hands.
Proposals to break the link between money and power
To break the link between money and power, Oxfam and the signatories ask drastic legislative measuresThese include strict limits on individual contributions to political parties (a proposal supported by 82% of millionaires surveyed), stricter rules on lobbying, and full transparency on the actual beneficiaries of campaign funding. On the media front, the organization is pushing for antitrust rules that prevent the concentration of editorial ownership and protect the independence of newsrooms from owner interference.
